Core Insights - The A-share market has seen a surge in mergers and acquisitions (M&A) activities since August, with 96 companies disclosing M&A announcements from August 1 to August 24, indicating a significant trend towards resource optimization and efficiency enhancement among listed companies [1] Group 1: M&A Activities - Notable M&A cases in August include Chongqing Water's acquisition of 100% equity in Chongqing Yujing Water for 354 million yuan, aimed at resolving potential industry competition and enhancing market share in the water supply business [1] - Yunnan Copper plans to acquire an additional 40% stake in Liangshan Mining, which will make it a controlling subsidiary, thereby strengthening resource reserves and production capacity [2] - China Shenhua is set to acquire assets from its controlling shareholder, involving 13 companies across coal, coal chemical, and logistics sectors, to enhance resource integration and operational efficiency [2][3] Group 2: Policy Support - Continuous policy support for M&A activities has been noted, with the People's Bank of China and other departments issuing guidelines to improve M&A loan policies and support investments that enhance industrial chain collaboration [3] - Local governments, such as Chongqing and Hainan, are implementing measures to facilitate financing for M&A, including interest subsidies for bank loans related to mergers in the biopharmaceutical sector [4] - Since the introduction of the "M&A Six Guidelines," the market has remained active, with Jiangsu's capital market reporting 209 new M&A disclosures and a total transaction amount exceeding 650.84 billion yuan, accounting for 12% of the national total [4]

Suspension - Feilu Co., Ltd. is planning a change in company control, leading to the suspension of its stock [1] Capital Increase and Mergers - Yunnan Copper Industry has submitted an application to acquire 40% of Liangshan Mining, which has been accepted by the Shenzhen Stock Exchange [2] - Zhenghe Industrial plans to raise no more than 818 million yuan through a private placement for agricultural machinery component expansion, garden tool chain saw system project, micro chain system software and hardware integration R&D, and to supplement working capital [2] - iFlytek intends to raise no more than 4 billion yuan through a private placement for the Spark Education large model and typical products, and to supplement working capital; a shareholder, Yanzhi Technology, plans to subscribe for no less than 250 million yuan and no more than 350 million yuan [2] External Investment and Daily Operations - Wantai Biological Pharmacy's nine-valent human papillomavirus vaccine has received its first batch release certificate [3] - Hanyu Pharmaceutical's acetic acid atoziban injection has obtained marketing approval in Vietnam [4] - Zai Jian Pharmaceutical has received clinical trial approval for injectable ZG005, injectable ZGGS18, and the combination with hydrochloride gikaixin tablets [5] - Changchun High-tech's subsidiary has had its clinical trial application for injectable GenSci143 accepted [6] - Jinbo Co., Ltd. has received a notification from a leading OEM, selecting the company as a designated supplier for developing and supplying carbon-ceramic brake disc products [6] - Greeenmei has signed a strategic cooperation agreement with Weilan Lithium Core to create a high-energy battery materials and solid-state battery innovation consortium [7] - Anyuan Coal Industry plans to change its stock name to "Jiang Tung Equipment" [8] Performance Changes - Qianfang Technology reported a net profit of 170 million yuan in the first half of the year, a year-on-year increase of 1287.12% [9] - Sainuo Medical's net profit in the first half of the year increased by 296.54% year-on-year [10] - Jin Qilin reported a net profit of 108 million yuan in the first half of the year, a year-on-year increase of 226.14% [11] - Qianzhao Optoelectronics reported a net profit of 69.23 million yuan in the first half of the year, a year-on-year increase of 88.04% [12] - Miaokelando reported a net profit of 133 million yuan in the first half of the year, a year-on-year increase of 86.27% [12] - Hudian Co., Ltd. reported a net profit of 1.683 billion yuan in the first half of the year, a year-on-year increase of 48% [12] - GoerTek reported a net profit of 1.417 billion yuan in the first half of the year, a year-on-year increase of 15.65% [12] - Yunnan Ge Industry reported a net profit of 22.15 million yuan in the first half of the year, returning to profitability [12]

法律意见书 序号 名称 页码 北京市中伦律师事务所关于云南铜业股份有限公司发行股份购买 资产并募集配套资金暨关联交易的法律意见书 北京市中伦律师事务所关于云南铜业股份有限公司发行股份购买 资产并募集配套资金暨关联交易的补充法律意见书（一） 北京市中伦律师事务所 关于云南铜业股份有限公司 发行股份购买资产并募集配套资金暨关联交易的 法律意见书 二〇二五年七月 法律意见书 目 录 法律意见书 | 释 | 义 | | --- | --- | | 在本法律意见书内，除非文义另有所指，下列词语具有下述含义： | | | 上市公司、公司、云南铜业 指 | 云南铜业股份有限公司 | | 标的公司、凉山矿业 指 | 凉山矿业股份有限公司 | | 云南铜业（集团）有限公司持有的标的公司 40.00%股 | | | 标的资产 指 | | | 份 | | | 交易对方、控股股东、云铜 | | | 指 云南铜业（集团）有限公司 | | | 集团 | | | 交易双方 指 云南铜业及云铜集团 | | | 募集配套资金认购方 指 | 中国铝业集团有限公司、中国铜业有限公司 | | 中铝集团 指 中国铝业集团有限公司 | | | 中国铜业 ...

Summary of Key Points Core Viewpoint The company, Yunnan Copper Co., Ltd., is planning to acquire a 40% stake in Liangshan Mining Co., Ltd. from its controlling shareholder, Yunnan Copper (Group) Co., Ltd., through a share issuance. Additionally, it aims to raise supporting funds by issuing shares to China Aluminum Corporation and China Copper Corporation. This transaction is expected to enhance the company's operational capacity and financial performance. Group 1: Transaction Overview - The transaction involves issuing shares to acquire 40% of Liangshan Mining, which will become a subsidiary of Yunnan Copper [9][13] - The total amount of supporting funds to be raised is 150,000 million yuan, with 75,000 million yuan allocated for the construction of the Hongniupo Copper Mine project [11][12] - The transaction is classified as a related party transaction and constitutes a major asset restructuring under regulatory guidelines [9][12] Group 2: Financial Impact - The estimated transaction price for the 40% stake in Liangshan Mining is 232,351.05 million yuan, reflecting a 320.50% premium based on the asset valuation [9][16] - Post-transaction, the total assets of the company are projected to increase from 4,925,647.69 million yuan to 5,162,280.70 million yuan, while total liabilities will rise from 3,073,124.50 million yuan to 3,206,062.57 million yuan [16][17] - The company's net profit is expected to increase, although there may be a slight dilution in earnings per share in the short term [17][21] Group 3: Shareholding Structure - Before the transaction, Yunnan Copper (Group) held 31.82% of the shares, which will increase to 39.55% post-transaction [13][14] - The shareholding of China Aluminum Corporation and China Copper Corporation will also increase, with China Aluminum holding 6.18% and China Copper holding 2.27% after the transaction [13][14] Group 4: Regulatory and Approval Process - The transaction has undergone necessary decision-making and approval processes, including board meetings and independent director reviews [17][18] - The completion of the transaction is contingent upon obtaining regulatory approvals from relevant authorities [17][18] Group 5: Investor Protection Measures - The company has committed to strict information disclosure obligations to protect investor rights, particularly for minority shareholders [20][25] - Measures include ensuring fair pricing for the transaction and providing a platform for shareholder voting [20][25]

Core Viewpoint - Yunnan Copper Co., Ltd. plans to acquire a 40% stake in Liangshan Mining Co., Ltd. from Yunnan Copper (Group) Co., Ltd. through a share issuance and raise supporting funds by issuing shares to China Aluminum Corporation and China Copper Corporation [1][2]. Group 1: Transaction Overview - The company has received approval from the board and shareholders for the issuance of shares to purchase assets and raise supporting funds [1]. - The transaction involves the issuance of shares to acquire a significant stake in Liangshan Mining, indicating a strategic move to enhance its asset portfolio [1][2]. Group 2: Document Updates - The draft report has been revised to reflect the actual transaction progress and the approval procedures that are yet to be completed [2]. - Updates include disclosures regarding land property rights and patent certificates owned by Liangshan Mining [2][3]. - Minor textual improvements were made to the restructuring report, which do not affect the transaction plan [3].

Core Viewpoint - Yunnan Copper Co., Ltd. plans to acquire a 40% stake in Liangshan Mining Co., Ltd. from Yunnan Copper (Group) Co., Ltd. through a share issuance and raise supporting funds by issuing shares to China Aluminum Corporation and China Copper Corporation [1][2] Group 1 - The company has received acceptance from the Shenzhen Stock Exchange for its application regarding the issuance of shares to purchase assets and raise supporting funds [1] - The application documents were verified by the Shenzhen Stock Exchange, which deemed them complete and decided to accept the application [1] - The transaction is subject to multiple approval processes, including approval from the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission [2] Group 2 - There is uncertainty regarding whether the transaction will obtain the necessary approvals, reviews, and registrations, as well as the timeline for these processes [2] - The company will continue to advance the related work for this transaction and will comply with relevant laws and regulations for information disclosure [2]

Core Viewpoint - Yunnan Copper Industry Co., Ltd. plans to acquire 40% of Liangshan Mining Co., Ltd. through a share issuance, while also raising matching funds from China Aluminum Corporation and China Copper Corporation [1] Group 1: Acquisition Details - The company intends to purchase the 40% stake held by Yunnan Copper (Group) Co., Ltd. in Liangshan Mining Co., Ltd. [1] - The transaction is subject to multiple approval processes, including review by the Shenzhen Stock Exchange and registration approval from the China Securities Regulatory Commission [1] Group 2: Fundraising - The company will issue shares to raise matching funds from China Aluminum Corporation and China Copper Corporation [1] - The application for the share issuance and fundraising has been accepted by the Shenzhen Stock Exchange as of August 20, 2025 [1]

中信建投证券股份有限公司 关于 云南铜业股份有限公司 发行股份购买资产 并募集配套资金暨关联交易 之 独立财务顾问报告 （申报稿） 独立财务顾问 二〇二五年八月 中信建投证券股份有限公司 独立财务顾问报告（申报稿） 独立财务顾问声明与承诺 受云南铜业股份有限公司委托，中信建投证券股份有限公司担任本次云南铜 业股份有限公司发行股份购买资产并募集配套资金暨关联交易之独立财务顾问， 并制作本独立财务顾问报告。 本独立财务顾问报告系依据《公司法》《证券法》《重组管理办法》《公开发 行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》《上 市公司并购重组财务顾问业务管理办法》《上市规则》等有关法律、法规的要求， 根据重组报告书及交易对方提供的有关资料和承诺制作。 独立财务顾问按照行业公认的业务规范，本着诚实守信、勤勉尽责的精神， 遵循独立、客观、公正的原则，在认真审阅各方所提供的相关资料并充分了解本 次交易行为的基础上，对重组报告书出具独立财务顾问报告，旨在对本次交易做 出独立、客观和公正的评价，以供云南铜业全体股东及公众投资者参考。 一、本独立财务顾问作如下声明 （一）本独立财务顾问与云南铜业及其 ...

法律意见书 | 序号 | 名称 | 页码 | | --- | --- | --- | | 1 | 北京市中伦律师事务所关于云南铜业股份有限公司发行股份购买 | 3-2-1 | | | 资产并募集配套资金暨关联交易的法律意见书 | | | 2 | 北京市中伦律师事务所关于云南铜业股份有限公司发行股份购买 | 3-2-164 | | | 资产并募集配套资金暨关联交易的补充法律意见书（一） | | 北京市中伦律师事务所 关于云南铜业股份有限公司 发行股份购买资产并募集配套资金暨关联交易的 法律意见书 二〇二五年七月 3-2-1 | | | | 一、 本次交易的方案 . | | --- | | 二、 本次交易各方的主体资格 | | 三、本次交易的批准和授权 . | | 四、本次交易的相关协议 | | 五、本次交易的标的资产 | | 六、本次交易涉及的关联交易和同业竞争 | | 七、本次交易涉及的债权债务处理和人员安置 | | 八、本次交易的信息披露 . | | 九、本次交易的实质性条件 | | 十、本次交易的主要证券服务机构及其资格 | | 十一、本次交易相关人员买卖证券行为的核查 . | | 十二、本次交易的审核关 ...

股票代码：000878 股票简称：云南铜业 上市地点：深圳证券交易所 云南铜业股份有限公司 发行股份购买资产并募集配套资金 暨关联交易报告书（草案） （申报稿） 发行股份购买资产交易对方 云南铜业（集团）有限公司 募集配套资金认购方 中国铝业集团有限公司、中国铜业有限公司 独立财务顾问 二〇二五年八月 云南铜业股份有限公司发行股份购买资产并募集配套资金暨关联交易报告书（草案）（申报稿） 上市公司声明 本公司及全体董事、高级管理人员保证本报告书及其摘要的内容真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并对所提供信息的真实性、 准确性和完整性承担相应的法律责任。 本公司控股股东及其一致行动人、董事、高级管理人员承诺，如本次交易因 所披露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案 侦查或者被中国证监会立案调查的，在形成调查结论以前，不转让在上市公司拥 有权益的股份，并于收到立案稽查通知的两个交易日内将暂停转让的书面申请和 股票账户提交上市公司董事会，由上市公司董事会代为向证券交易所和证券登记 结算机构申请锁定；未在两个交易日内提交锁定申请的，授权上市公司董事会核 实后直接向证券 ...